Chairman Bill Bratt revealed Adams, 47, has fought off stiff competition from former Cheltenham manager John Ward to take over at the League Two club.
Adams, below, has been out of work since leaving League One outfit Brighton by mutual consent in February.
Bratt said: “I think we have got a very good manager – and the last two candidates were excellent.
“Micky Adams has managed in the Premier League and hopefully he can take us through the leagues. I have informed John Ward, who is an excellent man.”
Port Vale have been without a manager since deciding not to extend former boss Dean Glover’s contract last month.
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